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CLUELESS OR STONEWALLING CEO OF BANK OF AMERICA -DEPOSITION 2012-BRIAN MOYNIHAN-MBIA V BOA, COUNTRYWIDE ET AL

CLUELESS OR STONEWALLING CEO OF BANK OF AMERICA -DEPOSITION 2012-BRIAN MOYNIHAN-MBIA V BOA, COUNTRYWIDE ET AL

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Published by 83jjmack
DEPOSITION TAKEN BY MBIA LAWYERS WITH BRIAN MOYNIHAN THE CEO OF BANK OF AMERICA. 2012.
MBIA sued Bank of America (which acquired Countrywide in 2008), claiming that Countrywide lied to MBIA about its supposedly strict underwriting standards, when in fact the firm was cranking out mortgages hand over fist, without doing any real due diligence at all. (Whether the monolines should have known better, or its agents perhaps did know better and sold the mountains of insurance anyway, is another matter). In its suit, MBIA claimed that Countrywide turned itself into a veritable machine of mortgage approvals:

Countrywide Home Loans' senior management imposed intense pressure on underwriters to approve mortgage loans, in some instances requiring underwriters to process 60 to 70 mortgage loan applications in a single day and to justify any rejections…
DEPOSITION TAKEN BY MBIA LAWYERS WITH BRIAN MOYNIHAN THE CEO OF BANK OF AMERICA. 2012.
MBIA sued Bank of America (which acquired Countrywide in 2008), claiming that Countrywide lied to MBIA about its supposedly strict underwriting standards, when in fact the firm was cranking out mortgages hand over fist, without doing any real due diligence at all. (Whether the monolines should have known better, or its agents perhaps did know better and sold the mountains of insurance anyway, is another matter). In its suit, MBIA claimed that Countrywide turned itself into a veritable machine of mortgage approvals:

Countrywide Home Loans' senior management imposed intense pressure on underwriters to approve mortgage loans, in some instances requiring underwriters to process 60 to 70 mortgage loan applications in a single day and to justify any rejections…

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Categories:Business/Law
Published by: 83jjmack on Nov 28, 2012
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EXHIBIT 96
FILED: NEW YORK COUNTY CLERK 11/25/2012
INDEX NO. 602825/2008NYSCEF DOC. NO. 3340RECEIVED NYSCEF: 11/25/2012
 
In The Matter Of:
 MBIA
 
INSURANCE
 
CORPORATION v.COUNTRYWIDE
 
 HOME
 
LOANS,
 
INC
 
___________________________________________________
BRIAN 
 
T.
 
 MOYNIHAN 
Vol.
 
1
 May
 
2,
 
2012
 
_________________________________________________
 
 HIGHLY CONFIDENTIAL
 
81b174af-b943-4493-9fb0-dba0b1b8c8b6
HIGHLY CONFIDENTIALBRIAN T. MOYNIHAN - 5/2/20121-800-325-3376 www.merrillcorp.com/lawMerrill Corporation - New York
Page 1
SUPREME COURT OF THE STATE OF NEW YORKCOUNTY OF NEW YORK-----------------------------------xMBIA INSURANCE CORPORATION,Plaintiff,Index No.-against- 08/602825COUNTRYWIDE HOME LOANS, INC.COUNTRYWIDE SECURITIES, CORP.COUNTRYWIDE FINANCIAL CORP.COUNTRY HOME LOANS SERVICING, LPand BANK OF AMERICA, CORP.Defendants.-----------------------------------xMay 2, 20121:14 p.m.HIGHLY CONFIDENTIALVideotaped DEPOSITION of BRIAN T. MOYNIHAN, takenby Plaintiff, pursuant to Notice, at the offices ofQuinn Emanuel Urquhart & Sullivan, 51 Madison Avenue,New York, New York, before William Visconti, aShorthand Reporter and Notary Public within and forthe State of New York.

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U.S. Treasury Department adamantly states it's the ineptness of the mortgage companies for the lack of success and real progress toward minimizing foreclosures. 75% of loan modification to Bank of America that SHOULD have been modified -weren't, according to U.S. Treasury Department. That ineptness from Bank of America, Brian Moynihan and other mortgators, has left millions of Americans FAR more t
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